Economics for the Earth Blog

President Obama builds nuclear legacy

Posted Feb. 19, 2014 / Posted by: Kate Colwell

WASHINGTON, D.C. – At a press conference today, Secretary of Energy Ernest Moniz announced finalized government support for constructing the nation’s first new nuclear reactors in almost forty years. The $3.46 billion loan guarantee to Georgia Power and the $3.05 billion loan guarantee to Oglethorpe Power Company will enable the construction of two new nuclear reactors at the Plant Vogtle Nuclear Generating Station near Waynesboro, Ga. The U.S. Department of Energy currently has a July 31, 2014, deadline to finalize a separate loan guarantee for $1.8 billion with a third Vogtle partner, the Municipal Electric Authority of Georgia.

Below, is a statement of Friends of the Earth’s Nuclear Campaigner Katherine Fuchs, responding to the announcement:

“Fewer than three years have passed since the tragedy at Fukushima demonstrated that nuclear reactors can never be safe. Yet the president and Energy Secretary are ignoring its lessons. The tragedy forced more than 80,000 people from their homes and left an area, roughly the size of Connecticut, uninhabitable. Despite the dangers nuclear reactors pose and the lack of any sustainable solutions for nuclear waste disposal, President Obama’s commitment to nuclear energy succeeds only in condemning future generations to live with the fallout.

By insuring reactors American taxpayers are forced to underwrite a financial gamble that Wall Street deems too risky. A high rate of construction cancellation and history of massive cost overruns have caused Wall Street investors to shun reactor projects. Nuclear reactors are too risky to finance, too slow to build and too dangerous to be part of a meaningful energy solution.”